Virginia Renters Insurance
Look for a Virginia renters insurance policy that offers coverage for windstorms, fire, and theft, as well as property and personal liability protection.
Written by Melanie Mergen
Reviewed by Melanie Reiff
In
Virginia
, the average cost of renters insurance is about $127 per year or less than $11 per month. A standard renters insurance policy will typically get you property and personal liability protection, as well as loss of use coverage and assistance with medical costs if someone gets injured in your home.Moving into an apartment comes with all sorts of tasks to take care of: signing the lease, the moving process itself, and for many renters, getting the right insurance policy.
Renters insurance is one of the most affordable types of insurance out there, and the cost often amounts to just tens of dollars a month for a policy that could end up saving you thousands if you needed to make a claim.
Searching for renters insurance for the first time can come with plenty of questions. What is renters insurance? How does it work? What should I look for in a policy? Can I bundle renters insurance with my car insurance? That’s why
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What is renters insurance?
Renters insurance can give you financial protection amid the unexpected. What exactly your policy covers depends on your policy.
Here’s what a typical renters insurance policy often includes:
- Property coverage (Coverage C): Covers actual cash value (ACV) or replacement cost of your personal property if it’s lost, damaged, or stolen
- Loss of use coverage (Coverage D): Helps cover living expenses if your rental becomes temporarily uninhabitable
- Personal liability (Coverage E): Covers legal expenses if someone is injured on your rental property
- Medical payments (Coverage F): Covers medical costs if someone is injured in your home
How much coverage you get in each area depends on your policy’s limit. To get an idea of how much property protection you’ll need, put together a personal inventory and add up the total value of your belongings. If your landlord requires renters insurance, they may set minimum policy requirements, like how much personal liability coverage you should have.
What does renters insurance cover?
Renters insurance covers the loss or damage of your personal belongings—as long as the culprit is a named peril in your renters insurance policy. If the cause for your property’s damage or loss isn’t a named peril, it’s unlikely your insurance will cover it.
Named perils can vary depending on your provider, policy, and location, but here are some common ones:
- Theft
- Fire
- Vandalism
- Hail
- Windstorm
- Lightning
- Riots
- Falling objects
Pro-tip Hurricane damage is often covered under windstorm damage, but this can vary, so make sure you read your policy language carefully. For additional protection against hurricane damage, you’ll likely also need additional flood insurance.
What does renters insurance not cover?
While there’s a lot that renters insurance can protect you from, it, unfortunately, doesn’t cover everything. These are a few examples of things that might not be covered under a standard renters insurance policy:
- Your car: Yourcar insurancepolicy will need to cover any damage that happens to your vehicle, even if it occurs on your rental property.
- Valuables: Jewelry, antiques, collectibles, and other valuables aren’t commonly covered under a standard renters insurance policy. If you have valuable items you’re concerned about, it might be a good idea to get additional coverage for them.
- Flood damage: For sources of flooding that come from outside your home, you usually need additional coverage. You can find flood insurance policies for renters throughFEMA’s National Flood Insurance Program(NFIP) or a private provider.
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Key Takeaway Renters insurance will cover damage to and loss of your personal property, but only if the cause is a named peril in your policy.
Is renters insurance required in Virginia?
Renters insurance isn’t required by law in Virginia. However, your landlord might still require you to have it.
Whether or not your landlord is requiring you to have renters insurance, it’s usually a good idea. Renters insurance is one of the cheapest types of insurance offered. The average cost of renters insurance in Virginia is about $127 per year, which is roughly $32 less than the national average.
At that rate, for less than $11 each month, you’re potentially saving yourself thousands of dollars if you ever needed to make a claim.
How to build a Virginia renters insurance policy
Here are some steps you should take while setting up a renters insurance policy in Virginia.
Firstly: put together an inventory of your important belongings. Adding up their total value will give you a better idea of how much personal property protection you should have, as well as whether you should seek out additional coverage for valuable items.
Your list will likely consist of items like electronics, appliances, and furniture, among your other important possessions. For each item, try to include as much as you can of the following:
- Picture of item
- Number of items
- Date(s) purchased
- Original purchase price (include receipts if possible)
- Brand number(s) and serial number(s), if available
Your inventory will also make it much easier to file a claim in the future. It’s a good idea to keep it updated as you buy new significant items.
Once your inventory is all set, think about your personal liability limit. Your landlord might have required a minimum limit. If not, it’s up to you to decide. Common personal liability limit coverage options are $100,000, $300,000, and $500,000.
Lastly, don’t forget to look closely at named perils. If there are particular perils you’re worried about, like theft, fire, or hail, make sure they’re listed in your policy, and read the language carefully. Pay attention to exclusions, too.
Actual cash value vs. replacement cost
When finding a renters insurance policy, you’ll need to decide whether you want actual cash value (ACV) coverage or replacement cost coverage.
ACV would offer coverage based on your damaged item’s current market value, which might have depreciated since you bought it.
For example, if you purchased a television for $1,500 four years ago and it’s now only worth $900, your coverage amount would be based on the $900 value.
Replacement cost coverage would cover what it costs to replace it with a comparable item in today’s market, regardless of the original purchase price. If your television is now technically only worth $900, but a television with similar features costs $1,200, your coverage amount would be based on the $1,200 value.
Replacement cost coverage is often more appealing for this reason, but it often comes with a higher premium than ACV.
How to find cheap renters and car insurance
Renters insurance could end up saving you thousands if you end up needing to make a claim. But did you know you could save even more by
bundling your renters insurance policy with your car insurance
? If you’re interested but unsure where to start, Jerry
can help make the process quick and easy.It takes less than a minute to answer a few brief questions, and then you can begin reviewing competitive quotes from top insurance providers, including Progressive, Nationwide, and Travelers. Once you’ve found the right policy for you at the best price, Jerry can even help you set up your new policy and cancel your old one.
“Jerrywas wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up for my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.
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Is renters insurance worth it?
Renters insurance is almost always worth it. That’s because it’s relatively inexpensive compared to other types of insurance. For tens of dollars a month, you get coverage that could end up saving you thousands if you ever need to use it.
What is the average cost of renters insurance in Virginia?
What renters insurance will cost you depends on several various factors. In Virginia, the average cost of renters insurance is about $127 per year, or $32 less than the national average. That comes out to less than $11 per month.
The cost of renters insurance can vary and depends on many different factors. In Vermont, the average cost of insurance is about $105 per year or less than $9 per month.
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